BRICS Emerges as the World’s Largest GDP Bloc

We don’t need to take a crystal ball to guess which country has been the driving force behind an economic revolution in the 21st century. China has powered the formation of the BRICS bloc – made up of Brazil, Russia, India, China, and South Africa – and it is now the world’s largest GDP bloc. It’s time to break out the balloons and the confetti!

Powering Up with China’s Rapid Expansion

China has been responsible for the bulk of the bloc’s massive GDP growth, posting a 6.7 percent increase in 2018. India came a distant second, with 6.2 percent. The other countries all had lower figures, but the expansion of China has been enough to propel the collective GDP of the BRICS nations to over $16 trillion. That’s something worth celebrating!

What’s Driving This Growth?

China is powering up its economy thanks to rapid growth in services and manufacturing. In particular, real estate, computer services, and e-commerce have been growing rapidly. And the Chinese government’s efforts to create a vibrant and open economy is also paying off. For example, the Chinese economy is now fully integrated with the global market, and the government’s policy of ‘opening the country’ has encouraged foreign investment, spurring the nation’s growth.

The Benefits of the Bloc

The BRICS nations have been able to leverage their collective strength to open up new markets and create a more equitable global economy. The bloc has also been working on developing trade and investment ties between member countries and has been integral to China’s growth.

What’s more, the bloc has been instrumental in spearheading initiatives that help develop sustainable and innovative solutions to global problems. For example, BRICS countries have been collaborating on new technologies such as alternative energy sources, artificial intelligence, and the internet of things.

The Future of BRICS

As the GDP of the BRICS bloc continues to grow, it could soon become the world’s largest economy. That would give the bloc unprecedented influence – and the ability to shape the global economy.

The BRICS countries have proven that they have what it takes to be a serious political economic force and have set an example that others could follow. All-in-all, it looks like the BRICS bloc has a bright future – and China will continue to be its driving force. Just don’t forget the balloons and the confetti to celebrate the amazing accomplishments!